• 2017 February 17 12:30

    Port Authority of New York & New Jersey approves largest ever $32.2 billion 10-Year Capital Plan

    The Port Authority Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan, which reflects the agency’s continuing return to its core transportation mission and is expected to generate 235,400 job years and $56 billion in overall economic activity for the region, Port Authority of New York & New Jersey said in its press release.

    The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.

    At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones. Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast. It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive. The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.

    The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.

    To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.

    The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The plan’s multi-billion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.

    The approval followed a month-long public comment period – including two first-ever public meetings in each state that were attended by commissioners and agency leadership. Prior to the Board’s vote to move the proposed plan forward on January 5 for public comment, there was robust debate and discussion by Board members over how to parcel out limited resources to the agency’s growing list of capital investment needs.

    Since the Board’s January 5 meeting, the agency received 429 comments on its plan from 365 individuals. Fifty-five speakers attended the public meetings in both states to comment on specific items in the document and 9 people Tweeted comments about it. An additional 327 comments were emailed and 12 comments were received by mail. The Board of Commissioners received periodic summaries of the public comments prior to today’s Board meeting.

    The 10-year plan approved today includes $29.5 billion in direct spending on Port Authority projects and the $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.

    The plan outlines specific funding commitments for major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that look at agency revenue and the ability to finance them.




2017 November 23

18:05 CMA CGM announces FAK rates from Asia to Mediterranean
17:54 Mercury-1 ferry of Azerbaijan Caspian Shipping Company successfully passed sea test after major repairs
17:35 Ophir issues update on the status of the Fortuna FLNG project
17:20 Opatija, Croatia hosts three-day conference “The Port of Rijeka, Gateway of the Baltic-Adriatic Core Network Corridor”
17:05 Navantia and Bath Iron Works team for the US Navy Future Guided Missile Frigates
16:50 Throughput of Chinese ports up 7.2% to 7.23 bln t in 10M’17
16:35 COSCO (Guangdong) Shipyard delivers research/survey vessel to Guangzhou Marine Geological Survey
16:05 CMA CGM announces GRI from Asia to ECSA
16:03 Bunker prices may turn into irregular phase in the lead-up to OPEC’s meeting
15:44 Okskaya shipyard lays down the first non-self-propelled oil barge in a series of ten vessels ordered by STLC
15:33 European Sea Ports Organisation welcomes a deadline for global solution on CO2 from shipping
15:00 Ports of Ayr and Troon celebrate delivery of new Scottish-built pilot vessel
14:19 Corvette Soobrazitelny, Baltic Fleet, performed some training missions in piracy affected areas in Gulf of Aden
14:02 Wärtsilä engines and exhaust gas cleaning chosen for new cruise ship
13:23 Navigation 2017 to close in Azov-Don Basin of Russia’s IWW on 1 December 2017
13:02 Oldendorff Carriers receives IBJ Bulk Ship Operator of the Year award
12:36 Russia’s General Board of State Expert Review approves Phase I of Bagayevsky Hydrosystem project
12:10 Ports of Ayr and Troon celebrate delivery of new Scottish-built pilot vessel
11:52 Marine Recruiting Agency goes on with the program of RTG operators training
11:29 Coal exports via Rosterminalugol terminal hit 22 mln t milestone this year (photo)
11:04 MGO prices are still high at the Far East ports of Russia (graph)
10:41 Throughput of port Kaliningrad in Jan-Oct'17 grew by 16% to 11.28 mln t
10:18 Brent Crude futures price down 0.25% to $63.16, Light Sweet Crude – down 0.21% to $57.90
09:53 Ukraine’s water transport carried 0.5 mln passengers in Jan-Oct'17, up 30.2%, Y-o-Y
09:35 Port of Singapore throughput up 5.9% to 519.68 mln t in 10M’17
09:17 Baltic Dry Index up to 1,413 points

2017 November 22

18:02 Throughput of port Vyborg up 13% to 1.24 mln t in 10M’17
17:46 New research reveals ‘golden period’ ahead for the Port of Barrow
17:24 Iceland accedes to air pollution treaty
17:03 MSC receives the ‘Container Line of the Year’ award
16:35 Throughput of port Primorsk in 10M’17 down 9% Y-o-Y to 49.40 mln t
16:03 Scottish energy ports capability directory launched
15:47 Throughput of port Vysotsk up 2% to 14.42 mln t in 10M’17
15:21 Cargo transportation by Ukraine’s water transport down 13.3% to 4.8 mln t in 10M’17
15:03 Otto Energy confirms the installation of the jacket and decks comprising the SM 71 F Platform
14:44 Throughput of port Ust-Luga up 11% to 85.04 mln t in 10M’17
14:36 APM Terminals opens a new era for Puerto Quetzal
14:22 Okskaya shipyard will build a series of six trawlers for fishing company Variant
14:03 Forth Ports installs NORBIT survey system for the Forth and the Tay
13:21 DOF sells the vessel Skandi Møgster
12:39 ABB Ability™ Marine Pilot Vision looks beyond human vision for ship automation
12:16 Crowley provides ATB to deliver jet fuel from U.S. mainland to Puerto Rico
12:15 Throughput of Big Port St. Petersburg up 10% to 44.01 mln t in 10M’17
11:46 Navigation season at the main route of the Volga-Baltic Waterway is over (photo)
11:08 Hapag-Lloyd buys low carbon refrigerant containers from Maersk Container Industry
10:51 Bunker prices are flat at the Port of Saint-Petersburg, Russia (graph)
10:30 Brent Crude futures price up 0.13% to $62.30, Light Sweet Crude – up 0.12% to $56.49
10:07 Wagenborg Offshore chooses ULSTEIN PX121 design
09:44 Composit LLC supports “Hydraulic Engineering Structures of Water Transport” Congress as its Sponsor
09:21 Baltic Dry Index up to 1,396 points
09:07 OOCL introduces new containership OOCL Scandinavia
08:30 INEOS to deliver first ever US ethane from shale gas to China in 2019 using world’s largest ethane carrier
08:07 Further SharpEye™ order for Pakistan Navy Submarine upgrade
07:30 Ekofish Group builds twin-rigger at Damen Maaskant Shipyards Stellendam

2017 November 21

18:24 Navios Maritime Holdings reports 3Q, 9 months financial results
18:19 Philly Shipyard delivers fourth and final product tanker to Kinder Morgan
17:59 Major ASW ship Vice Admiral Kulakov enters Norwegian Sea
17:37 Sokhna World Zone project presented to investors in Dubai
17:23 Mathilde Maersk rescues stranded fishermen
17:12 Tuco and Sea Machines unveil remote controlled ProZero workboats